WASHINGTON, D.C.- When U.S. Sen. Pete Ricketts was Governor of Nebraska, then-state Sen. Brett Lindstrom introduced a bill aiming to cut the state tax on Social Security income through a series of incremental steps. Now serving in Washington, Ricketts is seeking to take Nebraska's idea national. On Thursday, the Senator announced that he would introduce a similar proposal, which would, after a time, phase in a reduction of federal income taxes on Social Security payments.

More specifically, Ricketts said he aims to end the federal tax on 10% of the Social Security income that recipients pay taxes on in 2024, and eventually increase the tax cut to 20% in 2025. As of right now, around 85% of a person's Social Security income is taxable, depending on several outside factors like outside income. Ricketts said he wants Congress to work toward cutting the amount of taxable income to zero.

Ricketts indicated that he is looking for a Democrat to co-sponsor the bill, and wants to build his proposal into a must-pass piece of legislation. In Nebraska, Social Security tax cut efforts received bipartisan support, and Ricketts thinks the same should be true in Congress. "I think that a lot of people would want to look at this," said Ricketts, "The general idea of letting seniors keep their own money is one that is going to see enough support."

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